The previous record set by English teams was in 2008 when a combined £500 million was spent on transfers.

But led by the likes of Tottenham, Manchester City, Liverpool and, right at the death, Arsenal, the Premier League again underlined its status as the world's richest national competition.

"As the financial rewards for participation and success in the Premier League increase, so it follows that clubs are investing on the pitch to ensure they continue to benefit from the remarkable Premier League growth story," Deloitte's Dan Jones said.

However, European clubs have not faltered in their pursuit of investing in the market with clubs from the continent’s major leagues not shying away from big price-tags.